June 6 (Renewables Now) - US coffee company Starbucks (NASDAQ:SBUX) on Wednesday announced an “unprecedented” deal to buy power simultaneously from 146 MW of wind and solar parks in three different states.
The deal incorporates three power purchase agreements (PPAs) for renewables assets custom-built for Starbucks, under which the coffeehouse chain will get clean power for over 3,000 of its US stores and communities.
More specifically, the agreements include the purchase of 50 MW of wind power from the Diamond Spring project in Oklahoma owned by Allete Clean Energy, 50 MW of solar power from Cypress Creek Renewables in Texas, as well as 46 MW of solar power from the Fern Solar project in North Carolina of Germany’s BayWa r.e. renewable energy GmbH.
The parks will be up and running by 2021, LevelTen Energy said on Wednesday. The renewable energy marketplace brokered the deal through its Energy Dynamic Matching Engine procurement platform.
“Starbucks is setting an important precedent in the corporate energy procurement space by demonstrating how a single off-taker can safely and easily procure shares of renewable energy from a variety of new wind and solar projects,” said Bryce Smith, founder and CEO of LevelTen Energy.
From Allete's 303-MW Diamond Spring wind park, Starbucks will source over 180,000 MWh per year. The coffee maker will get over 1.5 million renewable energy credits (RECs) from a wind park in Texas, owned by Apex and Northleaf Capital Partners, to meet its RE 100 renewables goal before the Diamond Spring plant becomes operational in 2021.